If you are not one of the thousands who file their tax returns over Christmas and end up being hit with an automatic £100 penalty for late filing, help may be at hand.
Regular readers of Weekly Tax Brief will know that we have frequently called on HMRC to take a more robust approach to tackling the hidden economy, which costs the UK £3.5bn in lost taxes each year.
At the heart of HMRC’s drive to implement Making Tax Digital (MTD) is an intention to make it easier for taxpayers to complete accurate returns and to reduce the tax gap, but what if taxpayers are confident about their returns – will MTD change anything?
In the UK, HMRC has decided that no special rules are required to tax the profits and gains arising from Bitcoin and other cryptocurrencies. But there’s a sting in the tail – don’t bank on the taxman giving you tax relief for any losses.
The Scottish finance secretary has already provided full details of the consultation on the income tax policy which Scotland may adopt from 6 April 2018.
Lloyds Banking Group has just won a significant tax case worth over £5.6m after the tax tribunal determined that redundancy payments were not subject to VAT.
The government has recently consulted on a new points-based penalty system for those who file or pay their tax late but will this achieve the right balance of carrot and stick?
Sometimes new tax rules bear little resemblance to the colourful label applied when they were announced by the Chancellor of the Exchequer. It’s important that HMRC’s new powers to tackle tax avoidance don’t turn into a can of worms.
Much has been written about our post-Brexit overseas trading arrangements, but have UK companies considered the potential changes to the taxation of dividends they receive from foreign subsidiaries and other portfolio investments?